The Pre-Start
AAI ($26.4B) - Alcoa posted US$425m net income in Q1 on US$595m adj. EBITDA, closed with US$1.4B cash, will redeem US$219m 2028 notes, and completed the San Ciprin smelter restart
PDN ($6.4B) - Paladin raised FY26 production guidance at Langer Heinrich to 4.5–4.8Mlb U₃O₈ (from 4.0–4.4Mlb), while keeping sales (3.8–4.2Mlb) and cost guidance (US$44–48/lb) unchanged, and reducing capex/exploration to US$15–17M.
WAF ($4.0B) - West African Resources is in a trading pause pending a further announcement
NWH ($2.7B) - NRW's Fredon secured ~$160m of electrical and mechanical contracts, led by a $110m Commonwealth infrastructure package in northern Australia, with additional works in SA and Victoria running through 2026–28
DTR ($1.4B) - Dateline said the National Parks Conservation Association has sued US federal agencies over valid existing rights at Colosseum, with the company not named and permitted activities continuing | ▼ 10%
RXL ($653m) - Rox approved FID for the Youanmi gold project and secured $350m debt facilities, closing with $200.4m cash and construction approval in hand, targeting first gold in mid-2027
LOT ($419m) - Lotus resumed uranium production at Kayelekera following a shutdown due to fire-damaged control panels, with steady-state output still targeted in Q2 CY2026
PEN ($268m) - Peninsula Energy is in a trading halt while it seeks urgent WA Supreme Court orders validating secondary sales of 19,875,125 shares issued on DK debt facility conversion between 12 Feb and 7 Apr 2026 after a cleansing notice error
High Grade It
Israel and Lebanon agree 10-day ceasefire, says Trump (AFR)
WA Premier Roger Cook has warned unions they’re threatening jobs and there is no guarantee of better pay for going on strike (Australian)
The first new planned US nuclear reactors are likely to get government loans, energy chief says (Reuters)
India and Zambia talks on critical minerals stall over mining rights (Reuters)
Coal makes a comeback as Iran crisis forces lenders to rethink their ESG-influenced opposition (Australian)
US Senate votes to overturn Minnesota mining ban, sending bill to Trump (Reuters)
US Treasury Secretary Scott Bessent urges World Bank to fund critical minerals projects (Mining.com)
Indonesia arrests chief ombudsman for bribery linked to local nickel company (Reuters)
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Wheelin’ n Dealin’
Canada’s Uranium Royalty agreed to buy privately held Sweetwater Royalties for ~US$1.1B, with Orion and Ontario Teachers being major owners (Mining.com, UROY)
CATL invests US$4.4B in new subsidiary for mineral exploration amid geopolitical tensions (FT)
PDI ($2.4B) - Predictive completed its all-scrip merger with Robex at 7.862:1 (implied $7.3/share; ~$2.0B) and will begin TSX trading on Apr 20.
Rattlin’ the Tin
AAU ($42m) - Antilles Gold raised $2.0M at $0.014 (Yue Xiao), with 1-for-2 unlisted options at $0.03 (Dec ’27), to fund its JV (Minera La Victoria) for Nueva Sabana construction in Cuba.
QML ($31m) - QMines is in a trading halt pending an announcement on a proposed strategic investment to fast‑track development of the Mt Chalmers copper and gold mine
Whitehaven Coal raises $1.26B in senior secured notes at 6% (Australian)
Midas Minerals raises $28m for further exploration at Otavi project in Namibia (BN)
Genesis Minerals adds $200m, monitors fuel supply amid US-Israel-Iran tensions (BN)
Word on the Decline
We hear that tungsten ore was being imported disguised as low grade tin concentrates through Xiamen port, prompting a customs crackdown that has led to the detention of several smelter executives as investigations progress.
The word is that more than a handful of entities have been misdeclaring cargo to reduce VAT, and now ~1,000 tonnes of material, largely from a single mine in Myanmar, is reportedly affected.
Several smelters have halted imports or suspended operations while their bosses are answering questions. Others are delaying purchases due to heightened inspection risk. Tin treatment charges have moved higher, and near term concentrate demand has apparently softened.
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
Battle of the titans gives Pilbara’s quiet achiever his due (AFR) Don Rhodes
China’s battery champion pushes deeper into mining (FT) CATL boosting exploration investment
One F#ck-Up After Another (Trader Ferg) On energy resiliency
World Silver Survey forecasts 46Moz silver deficit in 2026 amid supply shortages (MiningMX)
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Today’s Top Tweet
Ownership & Oversight
SX2 ($2.9B) - Southern Cross Gold directors exercised options for 7.8M shares, adding $5.5M, while Darren Morcombe increased his stake to 11.7% (+2.5M shares)
A1G ($584m) - Weiss Asset Management bought $2.7m of African Gold shares on‑market, lifting its stake to 5.2%
RML ($157m) - Resolution Minerals appointed Brett Lynch as NED ahead of a planned NASDAQ listing to support its US expansion
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